Guangdong Tecsun Science & TechnologyLtd's (SZSE:002908) Soft Earnings Don't Show The Whole Picture
Guangdong Tecsun Science & TechnologyLtd's (SZSE:002908) Soft Earnings Don't Show The Whole Picture
The market was pleased with the recent earnings report from Guangdong Tecsun Science & Technology Co.,Ltd. (SZSE:002908), despite the profit numbers being soft. However, we think the company is showing some signs that things are more promising than they seem.
市场对广东德生科技股份有限公司最近的收益报告感到满意。,有限公司(深圳证券交易所:002908),尽管利润数字疲软。但是,我们认为该公司显示出一些迹象,表明情况比看起来更有希望。
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A Closer Look At Guangdong Tecsun Science & TechnologyLtd's Earnings
仔细看看广东德生科技有限公司的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.
许多投资者尚未听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
这意味着负应计比率是一件好事,因为它表明该公司带来的自由现金流超出了其利润所暗示的范围。尽管应计比率为正(表明非现金利润达到一定水平)不是问题,但高应计比率可以说是一件坏事,因为它表明纸质利润与现金流不匹配。值得注意的是,有一些学术证据表明,总的来说,高应计比率对短期利润来说是个坏兆头。
For the year to June 2024, Guangdong Tecsun Science & TechnologyLtd had an accrual ratio of -0.11. Therefore, its statutory earnings were quite a lot less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥141m, well over the CN¥42.5m it reported in profit. Guangdong Tecsun Science & TechnologyLtd's free cash flow improved over the last year, which is generally good to see.
截至2024年6月的一年中,广东德生科技有限公司的应计比率为-0.11。因此,其法定收入远远低于其自由现金流。事实上,在过去的十二个月中,它报告的自由现金流为14100万元人民币,远远超过其公布的利润4250万元人民币。广东德生科技有限公司的自由现金流比去年有所改善,总体而言,这是值得期待的。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Guangdong Tecsun Science & TechnologyLtd.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对广东德生科技有限公司的资产负债表分析。
Our Take On Guangdong Tecsun Science & TechnologyLtd's Profit Performance
我们对广东德生科技有限公司盈利表现的看法
Guangdong Tecsun Science & TechnologyLtd's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Guangdong Tecsun Science & TechnologyLtd's statutory profit actually understates its earnings potential! Unfortunately, though, its earnings per share actually fell back over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you want to do dive deeper into Guangdong Tecsun Science & TechnologyLtd, you'd also look into what risks it is currently facing. For example - Guangdong Tecsun Science & TechnologyLtd has 1 warning sign we think you should be aware of.
如上所述,广东德生科技有限公司的应计比率稳健,表明自由现金流强劲。基于这一观察,我们认为广东德生科技有限公司的法定利润实际上可能低估了其盈利潜力!但不幸的是,其每股收益实际上在去年有所回落。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。如果你想更深入地了解广东德生科技股份有限公司,你还需要研究它目前面临的风险。例如,广东德生科技有限公司有 1 个警告标志,我们认为您应该注意。
This note has only looked at a single factor that sheds light on the nature of Guangdong Tecsun Science & TechnologyLtd's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
这份报告只考虑了揭示广东德生科技有限公司利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份拥有大量内幕持股的股票清单很有用。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。